Investing.com
Published Oct 28, 2023 04:42
Crypto exchange Zodia Markets, backed by Standard Chartered (OTC:SCBFF), OSL, and Northern Trust (NASDAQ:NTRS), has received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). This approval comes as a significant step forward for the firm’s EU expansion plans from its London base. Michael Walsh, CEO of Zodia Markets, views this approval as a gateway to the European market.
The registration with the Central Bank of Ireland allows Zodia’s local subsidiary to offer over-the-counter trading services to institutional clients throughout the European Union. This move is in line with the upcoming Markets in Cryptoassets Regulation. Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance in Ireland, welcomed Zodia into Ireland’s regulated digital asset space.
Zodia Markets was founded in 2020 by Nick Philpott and Usman Ahmad. The firm had earlier secured regulatory licenses from the UK’s Financial Conduct Authority and Abu Dhabi Global Markets. In April 2023, Zodia raised $36 million in a Series A funding round led by SBI Holdings, making the Japanese financial giant its second-largest shareholder.
With the impending implementation of the EU’s Markets in Crypto Assets regulation, Zodia anticipates substantial demand for its services. Other major financial firms such as Interactive Brokers (NASDAQ:IBKR), Coinbase (NASDAQ:COIN), Kraken, and Gemini have also chosen Ireland as their European base. Nana Murugesan, Vice President of International and Business Development at Coinbase confirmed that Coinbase would maintain its EU operations through its Ireland base.
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Written By: Investing.com
